Every year, U.S. federal agencies, the White House’s Office of Management and Budget (OMB), and Congress work on a budget for the upcoming fiscal year, which runs from October 1 through September 30.
The U.S. federal budget process is complicated and confusing. There is a lot of back and forth and collaboration to get this to happen and it doesn’t always go according to plan – and it doesn’t help that there are no enforceable deadlines (with exception of the federal government shutting down).
But at the end of the day, once this process is finished, the federal budget is approved by the House, Senate, and the President combined. Once the President receives it, they have 10 days to approve or veto it.
As federal government contractors, we sometimes lose sight of this process since a lot of this takes place during our busy season (and most of us don’t have a full-blown government affairs team to help us keep track). To help contractors understand the key processes of the federal budget lifecycle, we outlined three critical steps below: